Birla Corporation Limited has received an Order dated 29 August, 2024 passed by the Deputy Commissioner, State Tax, Patna, Bihar pertaining to GST. Order passed confirming the demand pertaining to short payment of tax as per GSTR-9C vis-a-vis outward register, wrong availment of blocked ITC taken in GSTR-3B and excess ITC availed on account of wrong reversal of ITC, for the period from April, 2019-March, 2020. Disputed Amount is GST is INR 11,918,322; Interest is INR 9,117,515; Penalty is INR 1,191,833.
Demand order raised alleging irregular/wrong availment of blocked ITC in GSTR-3B u/s 17(5) of CGST/BGST Act, 2017, short payment of tax and excess availment of ITC because of wrong ITC reversal for the period from April, 2019-March, 2020. The Company believes that the above order is not sustainable and hence is in the process of filing Appeal against the said order.
Birla Corporation Limited is an India-based holding company. It is primarily engaged in the manufacturing of cement and clinker. It also manufactures jute products and steel castings. Its segments include cement, jute and others. The Cement Division has over 10 plants at eight locations. It manufactures varieties of cement like Ordinary Portland Cement (OPC-43 & 53 grades), Portland Pozzolana Cement (PPC-fly ash-based), Portland Slag Cement (PSC), Sulphate Resistant Cement and Composite Cement. Its cement products are marketed under the brand names of MP Birla Cement PERFECT PLUS, RAKSHAK, SAMRAT ADVANCED, ULTIMATE ULTRA, UNIQUE PLUS, SAMRAT, ULTIMATE, CHETAK, PSC, and MULTICEM & CONCRECEM. Its cement product has application in Metro line, airport runway, reservoirs, industrial building, and others. The Company is manufacturing over 120 tons of a variety of jute products in Birla Jute Mills. Its jute product range applications include yarns, bags, ropes, mats, carpets, and panama.
This super rating is the result of a weighted average of the rankings based on the following ratings: Global Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Global Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite), and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of the rankings based on the following ratings: Capital Efficiency (Composite), Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
